Banking and Finance

Online Banking Review | Discover Bank

KK
May 29, 2020

About Discover Bank

Discover Bank is a well-known online bank in the industry. It provides lots of financial services including credit cards, personal loans, home loans, and student loans which are all running online. It is quite convenient since most customers prefer to manage their financial bank account through a mobile app. Discover has two types of credit cards: Cash Back Credit Cards and Student Credit Cards. Cash Back Credit Cards is good for people who can’t apply for other cards with high-value benefits. The Discover student card is a student-friendly credit card that helps most of the young-age students solve the financial issue and build credits before they formally work. As for Discover’s banking accounts, we will discuss them more later. 

Discover Bank
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Pros & Cons

Pros 

  • Multiple CD terms 

The Discover Bank offers different kinds of Certificate of Deposit accounts for its customers to invest money. All customers have wide ranges to choose the proper CD for investment and they have more flexibility with their money. 

  • No monthly maintenance fees

The Discover Bank will not charge you any extra maintenance fee each month. The bank cuts out many fees that other traditional bank profit from. For example, you will not be charged any Discover Bank account opening fees. 

  • Low minimum deposits

Discover sets low minimum deposit requirements for both Discover checking account and Discover savings account. People with different incomes can apply for Discover’s accounts. 

  • Student rewards

Discover Student Credit Card is one of the best credit cards for students. It takes care of a huge amount of university students or students who just graduated. Once you applied for Discover Student Credit Card, you earn cashback on daily purchases and build your credit at the same time. 

  • No ATM’s fee

Discover Bank won’t charge ATM’S fee when its customers withdraw money at over 60,000 ATMs nationwide. 

  • Discover Bank is FDIC-insured

Although Chime Bank is a digital bank, it is safe and secure enough because any customers’ deposits are FDIC insured to over $250,000.

Pros & Cons
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Cons

  • No branch in other locations

Discover’s headquarter is located in Greenwood, Delaware and there is no other brick and mortar branches in other cities. The only way for customers to solve problems is to call customer service.

Bonus 

Discover it Credit Card does not offer a welcome bonus as other banks provide. However, it offers a double cashback promotion--all cash back you earned in the first 12 months will be doubled. If you think the double cashback isn’t attractive enough, ask your friend for a referral so that you and your friend can both get a $50 bonus. Can’t find any friend who is using Discover it? Click here for getting a referral link. 

For people who want to open a Discover checking account, it would be a little bit disappointed because you won’t get any bonus, but for a Discover savings account, you can deposit $15000 to get $150 or $25000 to earn $200. All the operations are being done online. 


Accounts & APY

If you are thinking of opening a Discover checking account, the benefit is 1% cashback instead of APY. Every customer with a Discover checking account can earn up to $3,000 in debit card purchases each month. 


The Discover savings account is one of the most important accounts for its customers to invest and get interests. All online savings account holders can earn 1.50% APY on money at any account size. The more money you invest in your savings account, the higher the bonus return you will get in the future. 


The money market account is a hybrid of checking and savings accounts. It is an account that lets you earn interest while keeping your money available for daily purchases. The interest might be lower but your money will be more flexible with this Discover bank account. 


Discover APY
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Discover Minimum Checking/Savings account Requirement

One of the most excellent features of online bank is no minimum balance required when you use both Discover’s checking and savings accounts. That’s the reason why Discover bank is competitive compared to traditional banks. However, if you want to open the savings account for high APY, you have to deposit more money into your savings account. 


Fees

Overdraft Fee

Discover Bank will charge you around $30 for an overdraft fee which is higher than the regular online bank. But Discover Bank has overdraft protection, click here for more details. 

Wire Transfer Fee

There is a $30 charge for each wire transfer, including domestic and international wire transfer. People who want a wire transfer have to submit a request at least 2-3 days in advance. 

Discover Foreign Transaction Fee

All Discover Bank account holders can use Discover cards in many countries throughout the world with no foreign transaction fees. However, the Discover Bank will charge you a $10 or 5% cash advance fee for foreign ATM fees. 

Customer service

Discover bank provides 24/7 professional customer service. If you have technical problems or want to complain about the products or services, call the customer service which number is 800-347-2683


Except for Discover’s card, the Cheese Debit Card is an excellent card as well, helping you save money easily. Cheese offers a cash bonus and no banking fee. You can earn cash by accessing the zero fee Cheese debit card.Sounds attractive? Click here to apply for the Cheese debit card.

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